The Federal Reserve's rate hikes have helped slow overall prices, but they are also keeping inflation sticky because of the way homeownership costs factor into key metrics, according to housing expert Jim Parrott and Mark Zandi, chief economist at Moody's Analytics.
In a Washington Post op-ed on Thursday, they urged the Fed to "declare victory" over inflation and start cutting rates. Central bank policymakers are meeting this coming week, and markets expect them to keep rates steady at 23-year highs.
